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Email this2:25 pm
steinback credit union and entegra credit union 250k and over 2.2% liquad
6:02 pm
January 30, 2009
Offline
Interesting doc, thanks for the information. Do you mind if I ask how you found that? I'm always looking for higher rates and I didn't see these (they aren't listed on Cannex either).
Confirmation that doc is correct:
http://www.scu.mb.ca/home/scuf.....es/deposit
https://www.entegra.ca/Rates/DepositAccounts/
Thanks again for the information!
3:14 pm
Just wondering if there are any others out there with higher rates
6:16 pm
Is there any reason they are not on the list? I would take another .1% over Accelerate. Why not if they are covered by the Manitoba Credit Union?
They are not on Financial Post savings list either.
http://www.financialpost.com/p.....daily.html
Anybody know the score with these 2?
8:42 am
Would probably need its own column as one of the CUs only gives that rate over 250k i believe.. SCU page is pretty confusing looking at 1.25 or 2%..
8:12 am
January 30, 2009
Offline
That's a great pick up Yatti.
These higher interest accounts don't pay out monthly.
For SCU:
It looks like the 'Regular Savings' doesn't pay interest until the end of the year (doesn't sound 'regular' to me). The monthly savings pays out monthly. I've excerpted the relevant parts below.
From their pamphlet:
Regular Savings (currently 2.2% for Balances over $250,000)
– Excellent flexibility, our best
variable interest rate, no minimum monthly
balance requirement. Interest is calculated on
the minimum monthly balance on deposits
made on the first day of each month*, and is
paid on December 31. Tiered rates for larger
deposits start at $100,000. Interest on entire
balance is paid at the tiered rate.
*Some restrictions apply.
Monthly Savings (currently 1.25%)
– Interest is calculated on
the minimum monthly balance on deposits
made by the first day of each month, and is
paid the last day of the month.
http://www.scu.mb.ca/uploads/f.....-01-11.pdf
For Entegra:
The 'Regular Savings' (currently at 0.05%) is paid in June, and December.
https://www.entegra.ca/Personal/Banking/Savings/Regular/
'Advantage Savings' (currently at 2.2% for balances of $250,000 and over) is paid annually in December.
https://www.entegra.ca/Personal/Banking/Savings/Advantage/
Take note of the other conditions (withdrawal limits, minimum balances and fees) and the terms ('Regular Savings' gives very different interest rates for each of these institutions).
While it may still be a worthwhile option to some, that information certainly makes me re-think depositing anything.
11:12 am
James and Yatti,
Thank you both for your diligence.
We want all want the best rates we can get (in a very low risk scenario) but not if they don't pay monthly. Who are they kidding?
You've just saved me time having to do the same digging into those institutions.
It is one of "those too good to be true" aphorisms.
Please write your comments in the forum.